Branicks - comment

The asset sale will generate about EUR45m in gross proceeds and should generate EUR26m in sales proceeds. We are pleased to see another asset sale happening, although Branicks will need to work hard to reach its EUR500m – EUR600m in full-year sales.

Sqm 15,000 * EUR 3,200 per sqm = EUR48m. Branicks owns a majority stake, but the percentage was not disclosed, and we assume 55%. Alternative valuation; Rent per sqm = (EUR16 per sqm per month), yield 6.5% => EUR44m.